Virtual pooled account for mobile banking

• US 7,873,573 B2
• Filed: 03/30/2007
• Issued: 01/18/2011
• Est. Priority Date: 03/30/2006
• Status: Active Grant

• Current Assignee: Obopay Mobile Technology India Pvt Limited (OBP Investments, Inc.)
• Original Assignee: Obopay Incorporated (OBP Investments, Inc.)
• Inventors: Realini, Carol
• Primary Examiner(s): Kazimi; Hani
• Assistant Examiner(s): Rankins; William
• Application Number:
  US11/694,896
• Publication Number:
  US 20090119190A1
• Time in Patent Office: 1,390 Days
• Field of Search: 235/379, 705/35, 705/37
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/3223 Realising banking transactions through M-devices
• CPC Class Codes: G06Q 20/3263 characterised by activation or deactivation of payment capabilities
• CPC Class Codes: G06Q 20/3265 characterised by personalisation for use
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 40/12 Accounting

Abstract

A virtual pooled account is used in operating a system having multiple financial partners. In a specific implementation, the system is a mobile banking system. Instead of maintaining separate general ledgers for each financial institution, the system will keep one general virtual pooled account. This will reduce the settlement and operational costs of the system. The owner of the virtual pooled account will receive the float on the virtual pooled account, and this float will be distributed to the multiple financial partners according to a formula.

Claims

1. A method comprising:

handling financial transactions of a group of users of a system, wherein the financial transactions are initiated through users'"'"' mobile phones communicating with at least one server and a plurality of subgroups of the users are associated with a plurality of banking institutions;

processing, through the at least one server, the financial transactions associated with a first banking institution, wherein users in a first subgroup are associated with the first banking institution;

processing, through the at least one server, financial transactions associated with a second banking institution, wherein users in a second subgroup are associated with the second banking institution;

processing, through the at least one server, financial transactions associated with a third banking institution, wherein users in a third subgroup are associated with the third banking institution;

maintaining a virtual pooled account, accessible by the at least one server, comprising funds for the first, second, and third subgroups of users associated with the first, second, and third banking institutions for managing funds transfers required by the financial transactions; and

distributing, via the at least one server, a first dividend to the first banking institution based on float for funds in the virtual pooled account for the first subgroup users plus a percentage of float on funds in the virtual pooled account for the third subgroup users.

2. The method of claim 1 comprising:

distributing, via the at least one server, a second dividend to the second banking institution based on float for funds in the virtual pooled account for the second subgroup users plus a percentage of float on funds in the virtual pooled account for the third subgroup users.

3. The method of claim 1 comprising:

receiving, via the at least one server, an instruction from a first user in the first subgroup to initiate a transaction to transfer funds to a second user in the second subgroup, wherein funds are not transferred outside the virtual pooled account.

4. The method of claim 3 wherein the instruction is wirelessly sent from a mobile phone via SMS messaging.

5. The method of claim 3 wherein the instruction is wirelessly sent from a mobile phone using an application executing on the mobile phone.

6. The method of claim 1 wherein the third banking institution is a direct partner of the system.

7. The method of claim 1 where each user is associated with only one of the first, second, or third financial institutions.

8. The method of claim 1 comprising:

managing a system of record for virtual pooled account, wherein the system of record comprises records of transactions for users in the first, second, and third subgroups.

9. A method comprising:

handling, via at least one server, financial transactions of a group of users of a system, wherein the financial transactions are initiated through users'"'"' mobile phones and each of a plurality of subgroups of the users are associated with one of a plurality of banking institutions;

processing, via the at least one server, financial transactions associated with a first banking institution, wherein users in a first subgroup are associated with the first banking institution;

processing, via the at least one server, financial transactions associated with a second banking institution, wherein users in a second subgroup are associated with the second banking institution;

processing, via the at least one server, financial transactions users in a third subgroup that are associated with the system and not the first and second banking institutions;

maintaining a virtual pooled account, accessible by the at least one server, comprising funds for the first, second, and third subgroup users associated with the first and second banking institutions and the system; and

distributing, via the at least one server, a first dividend to the first banking institution based on float for funds in the virtual pooled account for the first subgroup users plus a percentage of float on funds in the virtual pooled account for the third subgroup users.

10. The method of claim 9 comprising:

distributing, via the at least one server, a second dividend to the second banking institution based on float for funds in the virtual pooled account for the second subgroup users plus a percentage of float on funds in the virtual pooled account for the third subgroup users.

11. The method of claim 9 comprising:

receiving an instruction from a first user in the first subgroup to transfer money to a second user in the second subgroup, wherein money is not transferred outside the virtual pooled account.

12. The method of claim 11 wherein the instruction is wirelessly sent from a mobile phone via SMS messaging.

13. The method of claim 11 wherein the instruction is wirelessly sent from a mobile phone using an application executing on the mobile phone.

14. The method of claim 9 where each user is associated with only one of the first financial institution, second financial institution, or the system.

15. The method of claim 9 comprising:

receiving an instruction from a first user in the first subgroup to transfer money to a second user in the third subgroup, wherein money is not transferred outside the virtual pooled account.

16. The method of claim 11 wherein the instruction is sent via an Internet browser.

17. The method of claim 11 comprising:

managing a system of record for virtual pooled account, wherein the system of record comprises records of transactions for users in the first, second, and third subgroups.